Civic Intelligence

Health Sciences Education Facility Corporation

990 • Fiscal year 2018 • EIN 47-4744755

Jul 01, 2017 to Jun 30, 2018 • Filed on Nov 20, 2018

Organization Profile
130 W Superior Street 1000Duluth, MN 55802

(218) 722-2226

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

89th percentile

0.90x

Higher debt load relative to assets than 89% of similar nonprofits.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2018

Liabilities / Revenue

98th percentile

19.62x

Higher debt load relative to revenue than 98% of similar nonprofits.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2018

Net Margin

5th percentile

-58%

Higher net margin than 5% of similar nonprofits.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2018

Top Officer Pay

12th percentile

$0

Higher top officer pay than 12% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2018

Asset Growth

23rd percentile

-4.0%

Faster asset growth than 23% of similar nonprofits.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2017 to 2018

Revenue Growth

100th percentile

2325%

Faster revenue growth than 100% of similar nonprofits.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets89th percentile

Assets

Down

$16,743,788

Down $703,358 (-4.0%) from 2017

Net Assets

Down

$1,702,775

Down $443,064 (-21%) from 2017

Liabilities

Down

$15,041,013

Down $260,294 (-1.7%) from 2017

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin5th percentile

Revenue

Up

$766,685

Up $735,068 (+2325%) from 2017

Expenses

Up

$1,209,749

Up $7,760 (+0.6%) from 2017

Net Income

Up

-$443,064

Up $727,308 (+62%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth23rd percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$20M$15M$10M$5.0M$0Assets 2016: $19,916,211Liabilities 2016: $16,600,000Net Assets 2016: $3,316,2112016Assets 2017: $17,447,146Liabilities 2017: $15,301,307Net Assets 2017: $2,145,8392017Assets 2018: $16,743,788Liabilities 2018: $15,041,013Net Assets 2018: $1,702,7752018Assets 2019: $16,226,562Liabilities 2019: $14,642,618Net Assets 2019: $1,583,9442019

Highlighted filing

2018

Assets$16,743,788
Liabilities$15,041,013
Net Assets$1,702,775
Open 2018 Filing

Operations Trend

Revenue Growth100th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$4.0M$2.0M$0-$2.0MRevenue 2016: $3,439,879Expenses 2016: $123,668Net Income 2016: $3,316,2112016Revenue 2017: $31,617Expenses 2017: $1,201,989Net Income 2017: -$1,170,3722017Revenue 2018: $766,685Expenses 2018: $1,209,749Net Income 2018: -$443,0642018Revenue 2019: $1,026,066Expenses 2019: $1,144,897Net Income 2019: -$118,8312019

Highlighted filing

2018

Revenue$766,685
Expenses$1,209,749
Net Income-$443,064
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
Nov 20, 2018
Return Version
2017v2.3
Gross Receipts
$766,685
Mission and Program Overview

Mission

The corporation was organized for charitable and educational purposes within the definitions in the internal reevenue code to operate exclusively for the benefit of and to carry out the purposes of the college of st. Scholastica and the educational purposes of the benedictine sisters benevolent association. The corporation will develop facilities for the use in health sciences education programs for use by the college of st. Scholastica.

The corporation was organized for charitable and educational purposes within the definitions in the internal revenue code to operate exclusively for the benefit of and to carry out the purposes of the college of st. Scholastica and the educational purposes of the benedictine sisters benevolent association. The corporation will develop facilities for the use in health sciences education programs for use by the college of st. Scholastica.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$12,990,102$12,521,516▼ $468,586
Intangible Assets$3,589,569$3,500,635▼ $88,934
Cash and Non-Interest-Bearing Accounts$867,475$721,637▼ $145,838
Total Assets$17,447,146$16,743,788▼ $703,358
Liabilities
Tax Exempt Bond Liabilities$15,300,000$14,946,071▼ $353,929
Deferred Revenue-$94,942-
Accounts Payable and Accrued Expenses$1,307--
Total Liabilities$15,301,307$15,041,013▼ $260,294
Net Assets / Fund Balance
Unrestricted Net Assets$2,145,839$1,702,775▼ $443,064
Total Net Assets Fund Balance$2,145,839$1,702,775▼ $443,064
Total Liabilities and Net Assets / Fund Balance$17,447,146$16,743,788▼ $703,358

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$11,125,625$902,093$12,027,718
Land$892,466-$892,466
Compensation and Service Providers
Top Officer Pay12th percentile

Board Members and Trustees

NameTitle
Robert RyanPresident
Bruce StenderBoard
Christopher DolanBoard
Colette Mccarrick GearyBoard
Sister Kathleen HoferSecretary/tr
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$764,847
Investment Income
$1,838
Other Revenue
$0
Change in Net Assets
$-443,064

Audited Revenue Reconciliation

Revenue per Audited Statements
$766,685
Total Revenue per Audited Statements
$766,685
Total Revenue per Form 990
$766,685
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,209,749
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest-$688,714-$688,714
Depreciation Depletion$498,054--$498,054
Fees for Services Legal-$20,017-$20,017
Insurance-$2,964-$2,964
Total Functional Expenses$498,054$711,695$0$1,209,749

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,209,749
Total Expenses per Audited Statements$1,209,749
Total Expenses per Form 990$1,209,749
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Bond Issues

BondIssuerIssuedIssue PricePurpose
BDuluth Economic Development Authori2015-08-17$10,000,000Construction of building for lease
ADuluth Economic Development Authori2016-05-05$6,600,000Construction of building for lease to college of st. Scholastica

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A----
B----

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
Yes
Backup withholding compliance
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“Each director received and reviewed the 990 before filing.”

Form 990, Page 6, Part VI, Line 19

“No documents available to the public”

Filing and Contact Details

Filer

Filer Name
Health Sciences Education Facility
EIN
47-4744755
Address
130 W SUPERIOR STREET 1000, DULUTH, MN 55802

Signing Officer

Name
Robert Ryan
Title
President
Signed
2018-11-20
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Robert Ryan
Voting Board Members
5
Independent Board Members
5
Employees
0

Preparer

Firm
Licari Larsen and Company
Address
130 W SUPERIOR ST STE 712, DULUTH, MN 55802
Preparer
Steven S Licari CPA
Phone
2187222226
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“The corporation was organized for charitable and educational purposes within the definitions in the internal revenue code to operate exclusively for the benefit of and to carry out the purposes of the college of st. Scholastica and the educational purposes of the benedictine sisters benevolent association. The corporation will develop facilities for the use in health sciences education programs for use by the college of st. Scholastica.”

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleK/TaxExemptBondsProceedsGrp/SubstantialCompletionYr12016
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IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/SharingOfRevenuesInd0false
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc0RIGHTS TO LAND USE
IRS990ScheduleL/SupplementalInformationDetail/ExplanationTxt0COLLEGE OF ST. SCHOLASTICA (CSS) HAS DONATED THE RIGHTS TO LAND USE IN THE AMOUNT OF 2,315,503 TO THE ORGANIZATION. CSS IS A TENANT IN THE BUILDING OWNED BY THE ORGANIZATION. LARRY GOODWIN AND MARY IVES, REPRESENTATIVES OF CSS, ARE ON THE BOARD OF THE ORGANIZATION. SUBSEQUENTLY, THEY HAVE BEEN REPLACED BY CSS REPRESENTATIVES COLETTE GEARY AND CHRIS DOLAN.
IRS990ScheduleL/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE L, PART V
IRS990/ScheduleORequiredInd0false
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE CORPORATION WAS ORGANIZED FOR CHARITABLE AND EDUCATIONAL PURPOSES WITHIN THE DEFINITIONS IN THE INTERNAL REVENUE CODE TO OPERATE EXCLUSIVELY FOR THE BENEFIT OF AND TO CARRY OUT THE PURPOSES OF THE COLLEGE OF ST. SCHOLASTICA AND THE EDUCATIONAL PURPOSES OF THE BENEDICTINE SISTERS BENEVOLENT ASSOCIATION. THE CORPORATION WILL DEVELOP FACILITIES FOR THE USE IN HEALTH SCIENCES EDUCATION PROGRAMS FOR USE BY THE COLLEGE OF ST. SCHOLASTICA.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1EACH DIRECTOR RECEIVED AND REVIEWED THE 990 BEFORE FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2NO DOCUMENTS AVAILABLE TO THE PUBLIC
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 19
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IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
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IRS990/TerminateOperationsInd0false
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IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0711695
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0498054
IRS990/TotalFunctionalExpensesGrp/TotalAmt01209749
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IRS990/TotalRevenueGrp/ExclusionAmt01838
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0764847
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0766685
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IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnrestrictedNetAssetsGrp/BOYAmt02145839
IRS990/UnrestrictedNetAssetsGrp/EOYAmt01702775
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0130 W SUPERIOR STREET 1000
IRS990/USAddress/CityNm0DULUTH
IRS990/USAddress/StateAbbreviationCd0MN
IRS990/USAddress/ZIPCd055802
IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt05
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02019-02-21 02:37:17Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0ROBERT RYAN
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/SignatureDt02018-11-20
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0HEALTH SCIENCES EDUCATION FACILITY
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0CORPORATION
ReturnHeader/Filer/BusinessNameControlTxt0HEAL
ReturnHeader/Filer/EIN0474744755
ReturnHeader/Filer/USAddress/AddressLine1Txt0130 W SUPERIOR STREET 1000
ReturnHeader/Filer/USAddress/CityNm0DULUTH
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ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId0E74612C03A80587096DC8DF1C345BB3C1DA496A2
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt0192.208.54.46
ReturnHeader/FilingSecurityInformation/IPDt02019-01-15
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0CS
ReturnHeader/FilingSecurityInformation/IPTm011:06:30
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0411806729
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0LICARI LARSEN AND COMPANY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0130 W SUPERIOR ST STE 712
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0DULUTH
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd055802
ReturnHeader/PreparerPersonGrp/PhoneNum02187222226
ReturnHeader/PreparerPersonGrp/PreparationDt02018-12-07
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0STEVEN S LICARI CPA
ReturnHeader/ReturnTs02019-01-15T11:06:30-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02017-07-01
ReturnHeader/TaxPeriodEndDt02018-06-30
ReturnHeader/TaxYr02017

Document Assets

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Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$16,743,788
Liabilities
$15,041,013
Net assets
$1,702,775
Revenue
$766,685
Expenses
$1,209,749
Net income
-$443,064
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2019Detailed filing. Detailed filing data is available for this year.$16.2$14.6$1.58$1.03$1.14$0.12
2018Detailed filing. Detailed filing data is available for this year.$16.7$15.0$1.70$0.77$1.21$0.44
2017Detailed filing. Detailed filing data is available for this year.$17.4$15.3$2.15$0.03$1.20$1.17
2016Detailed filing. Detailed filing data is available for this year.$19.9$16.6$3.32$3.44$0.12$3.32